New York Times wants to buy Letterboxd

Acquisition negotiations for Letterboxd, the social network of movie lovers, are becoming clearer. The New York Times Company is in "exclusive negotiations" to acquire the platform for approximately $330 million. The New York Times announced the news again.

However, the issue had actually been talked about for a while. Sony Pictures Entertainment and A24 were among those looking to acquire Letterboxd. Now Times Company has come forward as the buyer.

What is Talked About in Letterboxd Chats?

Negotiations also include keeping Letterboxd's co-founders in office. However, the founders will now report to a Times Company executive. Therefore, the management structure of the company may change.

Moreover, the platform is expected to continue as an independent structure in the near future. In addition, Times Company's advertising technology will also be integrated into Letterboxd. So the advertising infrastructure can switch to Times' solutions.

Times Company spokesman Charlie Stadtlander declined to comment. Letterboxd and its current parent company Tiny Ltd. did not immediately respond to The Verge's request for comment. Therefore, the agreement has not yet been officially approved.

Times' Previous Acquisitions

If the deal is completed, Letterboxd will be among the Times' big moves. The company has made several notable acquisitions before. Here are the prices of these purchases:

Wordle: a price expressed in low seven figures

Wirecutter: Just over $30 million

The Athletic: $550 million

Accordingly, the Letterboxd offer of $ 330 million may be the Times' second most expensive acquisition. On the other hand, figures and conditions may change as negotiations continue. It will be clear in the coming days whether the acquisition will be completed or not.

The only thing clear for now is that negotiations are continuing privately and the offer is around $330 million. If an official statement comes, the exact terms of the agreement will also be revealed.